Cashier's Department

cashier's department

The division of a broker-dealer operation in which security certificates are processed, checks are sent or received, and dividend and interest records are kept. Essentially, the cashier's department handles the broker-dealer's money and paperwork. Also called cage.

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Cashier's Department

A department at a brokerage responsible for receiving and distributing funds, as well as maintaining records. The cashier's department enables the rest of the brokerage to function, especially by keeping records of dividends and other payouts and receiving payments from clients. It is informally called the cage.